SCHEDULES

SCHEDULE 1Consequential amendments

Part 2Other enactments

Income Tax (Earnings and Pensions) Act 2003 (c. 1)

601

For section 496 (no charge on cash dividend retained for reinvestment) substitute—

“496No charge on cash dividend retained for reinvestment

For the exemption from income tax of amounts retained under paragraph 68(2) of Schedule 2 (amount of cash dividend not reinvested), see section 770 of ITTOIA 2005 (amounts applied by SIP trustees acquiring dividend shares or retained for reinvestment).”